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Wallbridge Announces Making $500,000 Payment Towards Purchase of Fenelon Mine Property and Signing of $2.5 million Loan Agreement
Wallbridge Announces Making $500,000 Payment Towards Purchase of Fenelon Mine Property and...
About this update from Wallbridge Mining Co. Ltd.
[{"type":"text","content":"\n\n\n\nWallbridge Announces Making $500,000 Payment Towards Purchase of Fenelon Mine Property and Signing of $2.5 million Loan Agreement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nWallbridge Announces Making $500,000 Payment Towards Purchase of Fenelon Mine Property and Signing of $2.5 million Loan Agreement\nCanada NewsWire\nTORONTO, Sept. 27, 2016\n\n\n\nTORONTO, Sept. 27, 2016 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (\"Wallbridge\") is pleased to announce that it has, on September 23, 2016, made an additional payment of $500,000 towards the purchase of the Fenelon Mine Property. An additional $2.5M payment is due on the earlier of November 7th, 2016 or the date transfer of title to the property in the name of Wallbridge is completed. \n\nWallbridge is also pleased to announce that it has executed the $2.5 million Loan Agreement with William Day Holdings Limited (\"William Day\") to fund the remaining payment due to Balmoral Resources Ltd. (see also previous Press Release dated August 23, 2016). Funds under this agreement will be released upon transfer of title to the property in the name of Wallbridge and registration of William Day's mortgage and security interest as agreed upon under the terms of the Loan Agreement. \n\nCommenting on these developments Marz Kord President and CEO of Wallbridge stated, \"We now have the funds in place to complete the acquisition of the Fenelon Mine Property and can now move ahead with closing our short form prospectus financing which will provide us with the necessary funds to rapidly advance this project.\"\n\nFor more information about the Fenelon Mine Property please refer to the Wallbridge Mining website (www.wallbridgemining.com).\n\nAcquisition Terms\n\nThe property is currently owned 100% by Balmoral and Wallbridge has signed a definitive purchase agreement (\"PA\") for the outright purchase of the Fenelon Mine Property. Under terms of the PA Wallbridge can purchase a 100% undivided interest in the Fenelon Mine Property (subject to certain royalty provisions), by making the following payments to Balm...